Enhalus Capital LP

Item 5: Fees and Compensation

The fees applicable to each of the Funds are set forth in detail in the corresponding Offering
Documents. A brief summary of such fees is provided below.

Management Fee

Enhalus is paid an investment management fee (“Management Fee”) per annum of the net
asset value of the Funds.

The Funds specify Management Fees within their respective Offering Documents, and are
negotiated by each Separately Managed Account. Management Fees generally are payable by
Investors quarterly, in advance, as of the beginning of each calendar quarter. In the event that a
Fund is dissolved, an investor withdraws, or our advisory services are terminated prior to the
end of any calendar quarter, then a proportionate amount of such management fee will be
refunded to the applicable Investor(s).

The Investment Manager, in its sole discretion, may waive or modify the Management Fee for
any Client or Investor.

Other Types of Fees or Expenses

Enhalus is authorized to incur and pay in the name and on behalf of the Burgh Fund and
Intertidal Funds all expenses which they deem necessary or advisable. The Burgh Fund and the
Intertidal Funds will be referred to herein as the “Enhalus Funds” and the Burgh General Partner
and Intertidal General Partners will be referred to as the “Enhalus General Partners.”

Generally, the Enhalus Funds bear, or reimburse the Investment Manager and/or the Enhalus

Enhalus Capital, LP                                               Form ADV Part 2A Brochure

General Partners for advancing, their respective expenses and the expenses of their feeder funds,
as applicable, including, without limitation, the following: (i) expenses related to the research,
execution and monitoring of actual and prospective investments (whether or not consummated)
and the consummation of investments, including, without limitation, the following: third-party
investment sourcing fees; consulting fees; expert fees; fees and expenses of and related to
obtaining research, analytics and market data (including, without limitation, third-party data
sources and any information technology hardware, software and data subscriptions (such as
Bloomberg and FactSet) or other technology incorporated into the cost of obtaining such
research and market data); due diligence expenses including, without limitation, consulting and
appraisal fees; investment- and research-related travel expenses; any outsourced trading
provider fees; brokerage and prime brokerage fees, commissions and expenses (including the
costs of negotiating, documenting and/or amending agreements with prime brokers, ISDAs and
other agreements with trading and financing counterparties); expenses relating to borrowing
securities to be sold short; clearing and settlement charges; custodial fees and expenses; bank
service fees; interest expenses and other borrowing costs; fees and expenses of proxy research
and voting services; broken deal expenses; fees and expenses of third-party professionals,
including, without limitation, consultants, investment bankers, attorneys, accountants and
service providers who, in each case, provide services to the Enhalus Funds or provide services
to the Firm, the Enhalus General Partners or the Principals of the Firm (on matters that would
not have arisen but for their respective advisory relationships with the Enhalus Funds); and
expenses relating to engagement with a company irrespective of the outcome of such
engagement, such as shareholder and management communication, soliciting proxies, hiring
proxy advisory consultants, hosting shareholder forums, hiring public relations consultants
and proposing or nominating directors or executives, including sourcing, recruiting, standby
and indemnification and other expenses, regardless of whether the nomination is successful; (ii)
organizational fees and expenses and fees and expenses incurred in connection with the offering
and sale of the Interests, including, without limitation, the following: the preparation and
amendment of Private Placement Memoranda, Limited Partnership Agreements, Master
Partnership Agreements, Memorandum and Articles of Association of the Offshore Feeders (if
established), Investment Management Agreements and the Enhalus Funds’ subscription
agreements; and fees and expenses of the Firm incurred in connection with “world sky” matters
and private placement regimes, including the European Alternative Investment Fund Managers
Directive, and Form D and blue sky and similar fees and expenses; (iii) operational expenses,
including, without limitation, the following: fees and expenses relating to information
technology hardware, software or other technology (including, without limitation, costs of
software licensing, implementation, data management and recovery services and custom
development) used to research investments, evaluate and manage risk, facilitate valuations,
facilitate accounting functions, facilitate compliance with the rules of any self-regulatory
organization or applicable law (including, without limitation, reporting obligations) in
connection with the activities of the Intertidal Funds, and facilitate and manage the order
execution of securities or otherwise manage the Enhalus Funds (such as portfolio management
systems and order management systems); fees and expenses of third-party risk management
products, models and services; third-party administrative fees and expenses, including fees and
expenses of the Administrator and any middle and/or back office service provider; fees and
expenses of third-party professionals, including, without limitation, consultants, valuation
service providers, attorneys, accountants and tax preparers; third-party audit and tax preparation
expenses; insurance expenses, including, without limitation, premiums for cybersecurity
insurance and liability insurance (including directors and officers liability insurance and errors
...

Item 7: Types of Clients

Our clients are the Funds, as described in Item 4 above, and the Funds are generally open to,
among others, institutions, pension plans, endowments, high net-worth individuals, financially
sophisticated individuals, and other sophisticated investors. We also manage two Separately
Managed Accounts on behalf of institutional investors.